Maybank My First Car Loan

Is the Maybank My First Car Loan only for recent graduates?

Not necessarily! 

This car loan is available for graduates, undergraduates, government employees and teachers alike, aged between 21 and 30. For working individuals, you need to be employed for at least one month with a minimum salary of RM2,500 per month.

How much can I borrow from Maybank?

Before answering that question, ask yourself how much you can afford. 

For a graduate loan, the bank will be able to finance up to 100% of the car's market price and give you up to nine years to pay back the loan.

What is this I hear about low monthly repayments?

Yes, you heard that right. 

Provided that you borrow no more than RM30,000, which would be about average, you will pay very minimal amounts during your initial years. It's a special car loan that makes it easier for you to get a car when you can least afford it.

What happens if I don't make my car loan repayments?

With close to 400 branches nationwide, you'll be hard-pressed to miss your repayments! 

But in the event that you do, there will be an 8% per year penalty on your late repayments. Failure to pay for two months straight will result in you not having a car because of repossession by the bank.

Fair enough, what are the documents I need to apply?

New vehicle/unregistered reconditioned:

• Copy of IC and driving license
• Latest 2 months' salary slips
• Latest EA/EPF statement
• 3 months bank/passbook statement or ASB/ASN
• Spouse details (IC and 2 months' salary slips)

Used vehicle:

• Copy of IC and driving license
• Latest 2 months' salary slips
• Latest EA/EPF statement
• 3 months bank/passbook statement or ASB/ASN
• Spouse details (IC and 2 months' salary slips)
• IC and driving license of the seller
• Registration card
• Proforma invoice